Economics in One Lesson (Auburn 2010)

The Division of Labor

Instead of each person doing all of the work creating what he needs and wants, dividing the labor amongst all of us into specialties is clearly superior by increasing the productivity of labor. Then people trade their surpluses with each other in the market economy. No trade barriers anywhere should be allowed to limit this division of labor.

Recorded at the Mises Institute on Friday, 19 November 2010. Sponsored by Anastasia Thiele.